Shanghai aluminium hits one-week high, copper slips
Oct 23 (Reuters) -Shanghai aluminium futures scaled a one-week high on Wednesday on raw material supply risks, while copper prices edged lower.
The most-traded December aluminium contract on the Shanghai Futures Exchange (SHFE) SAFcv1rose 0.3% to 20,840 yuan ($2,925.73) a ton after hitting its highest since Oct. 14 earlier in the session.
Three-month aluminium on the London Metal Exchange (LME) CMAL3eased 0.2% to $2,628 per metric ton by 0158 GMT after rallying in the previous session.
The most traded front-month alumina contract on the SHFE SAOX4 traded around 4,895 yuan after hitting a record high of 5,003 yuan on Tuesday.
Alumina supply has tightened due to a bauxite shortage resulting from disruptions in Guinea, which isthe world's No.2 bauxite producer after Australia. Bauxite is refined into alumina, the main ingredient in making aluminium.
SHFE copper SCFcv1 fell 0.5% to 76,730 yuan ($10,772.15) a ton and LME copper <CMCU3> lost 0.3% to $9,550, weighed by a firmer U.S. dollar, while investors awaited additional news on stimulus measuresfrom top consumer China.
The dollar hovered at a 2-1/2-month peak, making metals more expensive for other currency holders. USD/
Recently, China has announced a series of stimulus measures to boost the economy but lackluster economic data highlights the need for more measures.
The market awaits "evidence of a pick-up in China’s real economy, despite the slew of recent supportive policy announcements and rate cuts," analysts at Standard Chartered said in a note.
LME nickel CMNI3 rose 0.3% to $16,365, zinc CMZN3 fell 0.4% to $3,125, lead CMPB3 was 0.2% higher at $2,072.5, and tin CMSN3 was up 0.5% at $31,050.
SHFE nickel SNIcv1 fell 1.1% to 126,620 yuan, zinc SZNcv1 dipped 0.1% to 24,905 yuan, lead SPBcv1 was flat at 16,720 yuan while tin SSNcv1 fell 0.4% to 253,080 yuan.
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Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Eileen Soreng
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